Reliance Buys Biotech Firm

10:16 AM MDT | July 30, 2007 | Chemical Week Editorial Staff

Reliance Life Sciences (RLS: Mumbai), part of the Reliance Group, says it will acquire a controlling stake in biopharmaceutical company GeneMedix (Newmarket, U.K.). RLS will invest â‚¤32.1 million ($62.7 million) in GeneMedix over the next five years, enabling RLS to launch its biosimilars in Europe and the U.S. GeneMedix has operations in Europe, and stock exchange listings in London and Singapore. RLS’s investment will be made in two segments. An initial investment of approximately â‚¤14.6 million will be made for the purchase of 1.16 billion shares, or a...